Houston’s business leadership and energy industry have spent years preparing for this day and their efforts have delivered in the form of massive tax credits for hydrogen fuel and for carbon capture utilization and storage, writes the Editorial Board.
ALLEX engineer Isabelle Kitowski, left, talks to Andrew Garrett, vice president hydrogen syngas, in April at the Air Liquide plant in La Porte.Much of the outcry over President Biden’s signature climate bill has focused on fears over businesses passing on tax hikes to consumers and a perceived emboldening of the IRS bogeyman. But in reality, Houston is making out like a bandit.isn’t a federal fleecing. It’s a payday.
In a set of scenarios developed by the Greater Houston Partnership, an “accelerated transition” roughly similar to what the new bill will fund is expected to generate an additional 130,000 jobs beyond a “business as usual” projection. These jobs include not just geologists, engineers and executives. The physical infrastructure itself will need the expertise and labor of construction workers, welders, technicians and machinists.
At a national level, Republicans can point to any number of issues with the Inflation Reduction Act, starting with a massive increase in funding for the perpetually underfunded and understaffed IRS, for example. The debate, however, does not hinge on whether it will kill energy jobs.discussing the bill with analysts, “We’re pleased with the broader recognition that a more comprehensive set of solutions” to the energy transition and that the bill is “a step in the right direction.